US jobless claims declined in Week 44

The number of applications for unemployment benefits in USA declined last week. In week 44, the submitted applications recorded a decrease of 11,000 to a seasonally adjusted 254,000, which is the lowest level in four weeks, according to the US Department of Labor. The result positively surprised the economists, who expected a more conservative decrease to a value of 260,000.

The number of applications in the week 43 (ending on October 28) remains without revisions at the level of 265,000, which was the highest level since early August. The applications for unemployment benefits in USA remain under 300,000 for 88 consecutive weeks, which is the longest series of the 70s of last century.

The four-week average value, which excludes the peaks in the trend, decreased by 1,750 to 259,750.

The number of people still receiving benefits after an initial week of aid increased 18,000 to 2.04 million in the week 44. The claims data follows last Friday’s monthly employment report for October, which showed a healthy gain of 161,000 jobs.

With a strong jobs market, the Federal Reserve is still currently seen raising interest rates at its next meeting in December despite a shock victory for Republican Donald Trump in the US presidential election on Tuesday.